Renovated Warehouse with
For Sale
$2,350,000
23936 Industrial Park Dr, Farmington Hills, MI 48335
A renovated office suite and upgraded warehouse systems support industrial operations from one facility.
Property Size20,968 SF
Price / SF$112.08
Days on Market8
Property Features for 23936 Industrial Park Dr
General Information
Standard status
Active
Size
20,968 SF
Property subtype
Commercial
Building Details
Year Built
1969
Listing Agency:
Brookstone, Realtors LLC
Listed By:
Lance Seba · License #6506049502
(248) 704-6000
Source:
Metrodetroithomeguide
Added: Sep 25
Changed: Oct 1
Last Checked: Oct 1 at 11:51AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Brookstone, Realtors LLC
Investment Insights
Based on property information with market context.
This 20,968-square-foot warehouse property includes 3,000 square feet of renovated office space with furnished workstations and conference tables. Warehouse features include 16-foot clear height, one drive-in door, one exterior dock, upgraded commercial fans, LED lighting, and solar-powered exterior lighting. A 32-channel NVR camera system, alarm integration, and access-point doors are also in place. The electrical service is 2000a/480v 3-phase.
The property occupies 1.10 acres at 23936 Industrial Park Drive in Farmington Hills, Michigan. It is zoned I-1 (Light Industrial) and is offered vacant. The office and warehouse improvements provide a combination of administrative and industrial space within the same property.
The property occupies 1.10 acres at 23936 Industrial Park Drive in Farmington Hills, Michigan. It is zoned I-1 (Light Industrial) and is offered vacant. The office and warehouse improvements provide a combination of administrative and industrial space within the same property.
Key Highlights
- 20,968‑square‑foot warehouse property on 1.10 acres
- 3,000 square feet of renovated office space with furnished workstations and conference tables
- 16‑foot clear height, one drive‑in door, and one exterior dock
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$126,151
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.37%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,523,020
$2.5M
Cap Rate 7%
$1,802,157
$1.8M
Cap Rate 9%
$1,401,678
$1.4M
Market Conditions
NOI Build-Up for 20,968 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$154.1K $7.35/SF
− Vacancy
−$5.7K −$0.27/SF
EGI
$148.4K $7.08/SF
− OpEx
−$22.3K −$1.06/SF
NOI
$126.2K $6.02/SF
Area
Oakland County, MI
Vacancy
3.70%
Lease Rate
$7.35 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,523,020
Cap Rate 7%
$1,802,157
Cap Rate 9%
$1,401,678
Alternative Uses
Best Use
Warehouse
$1.80M
$1.58M – $2.10M
NOI $126,151 @ 7.0% cap · market cap 5.37%
Second Best
Industrial
$1.48M
$1.30M – $1.73M
NOI $103,889 @ 7.0% cap · market cap 4.42%
Theoretical Best
Specialty Retail
$4.52M
$3.96M – $5.28M
NOI $316,583 @ 7.0% cap · market cap 13.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
898
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 48335, MI
25,618
Population
11,964
Households
2.1
Avg Household Size
36
Median Age
65%
College-Educated
98%
High-School Grad
7.2 sq mi
ZIP Area
3,558
Density / Sq Mi
$96,359
Median Household Income
$66,646
Median Earnings
$1,451
Median Rent
$366,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- North American Van Lines — 23305 Commerce Dr #100, Farmington Hills, MI 48335
- University Moving and Storage — 23305 Commerce Dr #100, Farmington Hills, MI 48335
- Corrigan Moving Systems — 23923 Research Dr, Farmington Hills, MI 48335
- Extra Space Storage — 38875 Grand River Ave, Farmington, MI 48335
- Carbon Yard LLC — 37085 Grand River Ave Ste 133, Farmington, MI 48335
Frequently Asked Questions
What type of property is this?
Warehouse - A renovated office suite and upgraded warehouse systems support industrial operations from one facility.
Where is this warehouse located?
The property is located at 23936 Industrial Park Dr Farmington Hills, MI.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 20,968‑square‑foot warehouse property on 1.10 acres; 3,000 square feet of renovated office space with furnished workstations and conference tables; 16‑foot clear height, one drive‑in door, and one exterior dock
